Reddit Introduces Two Ethereum Tokens as Rewards for its Cryptocurrency and Fortnite Subreddits

, the favored social information aggregation and dialogue web site, is at the moment testing two Ethereum-powered tokens for platform customers.

The blockchain-based tokens could also be earned as rewards for posting content material to Reddit’s on-line boards.

The 2 tokens, $BRICKS and $MOONS, shall be awarded to person accounts which are members of the subreddits /r/Cryptocurrency and /r/FortniteBR, respectively. This token-based incentivization scheme is a part of the social media community’s new venture, “Group Factors.”

Particulars shared by Redditor “MagoCrypto” reveal that Reddit had related or hooked up an Ethereum deal with to the accounts of sure customers.

Mago famous that primarily based on the data offered, Reddit can be utilizing the digital tokens to help “energy” customers with accessing sure options on the platform.

Reddit admin “Jarins” has confirmed that the tokens shall be used on Reddit. He not too long ago printed a submit, titled “Introducing r/CryptoCurrency Moons,” (to the CryptoCurrency subreddit) which notes that the tokens at the moment are accessible on the social media platform.

All variations of Group Factors shall be ERC-20 compliant tokens. Ethereum’s Rinkeby testnet has been used for beta testing. The tokens have been “managed by a collection of sensible contracts that deal with balances, transfers, distribution/claiming, and buying Particular Memberships.”

Adam Cochran, companion at MetalCartel Ventures, an Ethereum VC fund, said:

“Right this moment, Reddit launched about 20M new customers to cryptocurrency in a matter of seconds. That’s what number of customers go to Reddit’s /r/Cryptocurrency and /r/FortniteBR on any given month.”

Cochran added:

“As a result of Moons and Bricks are each ERC20 tokens on the Ethereum blockchain, you are able to do no matter you need with them. Within the Reddit app your pockets is a full Ethereum pockets that has a non-public key and restoration phrase. You’ll be able to use that pockets wherever you’ll usually use an Ethereum pockets by exporting it.”